Industry fund HOSTPLUS has appointed Citi as custodian in its bid to capture self-managed super fund (SMSF) market share.
HOSTPLUS chief executive David Elia said although its incumbent provider JP Morgan had done a "fantastic" job for over a decade, Citi aligned better with its objectives in terms of its transformation into a pooled superannuation trust (PST) and its investment into Asia.
Elia said the fund hopes to launch itself as a PST in line with its transition to the new custodian, which should be completed in August or September.
He conceded a number of other funds may have had the ability to target SMSFs as a PST, but said HOSTPLUS would actively market the fund's capabilities to SMSFs that could then transfer into HOSTPLUS' low-cost option.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
Add new comment